Neteller profits up

2006-06-05 13:45:00

Profits have risen dramatically at Neteller, the online funds transfer site, the first quarter report shows.

Gross revenues were up 69 per cent on the same period last year, now standing at $57.9 million with a pre-tax income of $27.7 million in the quarter.

Ron Martin, CEO of the firm, was pleased with the growth and expects it to continue. He praised programs such as the e-wallet scheme in Asia, investment in IT and credit card decline initiative for boosting profits.

"The board is confident that Neteller will continue to enjoy growth in line with historic seasonal variations and meet analysts' expectations for the full year," he added

Neteller is based in the Isle of Man and now claims to have 2.6 million customers who deposit $4.7 million every day.

In addition to rising profits, gross margins are said to be up by 73.5 per cent and the company processed over $2.5 billion in 2005.

The Douglas-based company is listed on London's AIM market and is reported as planning an expansion into Europe, offering euro-transactions and support in a variety of languages.